Tenancy agreements 'in short supply'
by Sarah Ashcroft
The private-rented sector is currently experiencing a shortage in tenancy agreements
, which could mean that some people are unable to move.
This is according to the Association of Residential Letting Agents (Arla), which explained that there are now more tenants than properties for one of the first times since records began.
Three-quarters of respondents to the survey believe demand is outstripping supply and that the trend is particularly prevalent in London and the south-east.
Furthermore, tenants are now spending an average of 19 months in their properties to avoid finding alternative accommodation in this competitive market.
President of Arla Tim Hyatt said: "The reality is that there is a finite amount of rental property and unless both housing supply and mortgage availability improves then renters will find that their options in the market are reduced."
He emphasised that the government is currently not doing enough to encourage people to invest in property for rental purposes, meaning housing stock is quickly depleting.
Published on: October 17, 2011
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